VanEck Files for Delaware Trust to Launch Potential Spot BNB ETF in the U.S.

VanEck Moves to Launch Spot BNB ETF with Delaware Trust Filing

In a groundbreaking move for the cryptocurrency space, investment management company VanEck has filed to register a Delaware trust company for a potential spot BNB Exchange-Traded Fund (ETF) in the United States. This filing, made on March 31, 2025, signifies the first step towards offering a financial product tied to Binance’s native cryptocurrency, BNB, in the U.S. market.

The filing, identified as entity number 10148820, was made with the Delaware Division of Corporations and registers the entity under the name VanEck BNB ETF. This filing suggests that the company is laying the groundwork for an ETF that will track the price of Binance Coin (BNB), which is a significant milestone in the growing acceptance of cryptocurrencies in traditional financial markets.

VanEck BNB ETF trust registration in Delaware. Source: Delaware.gov

VanEck’s Potential Spot BNB ETF in the U.S.

VanEck’s move to create an ETF for BNB in the U.S. could represent a major development for the digital asset. The filing for the Delaware trust suggests that VanEck is planning a spot ETF, which directly tracks the current price of BNB, as opposed to futures-based products. If approved by the U.S. Securities and Exchange Commission (SEC), the fund would allow traditional investors to gain exposure to BNB without directly buying the cryptocurrency, opening up the asset to a wider range of investors.

Social media and industry reports indicate that VanEck may be the first company to propose a BNB ETF in the U.S., which could pave the way for more integration of Binance's blockchain ecosystem, known as the BNB Chain, into traditional financial products.

BNB’s Growing Presence in Global Markets

While VanEck’s filing marks the first potential BNB ETF in the U.S., similar products have already been available in Europe. One example is the 21Shares BNB ETP (Exchange-Traded Product), which has been trading in Europe for several years. According to data from TradingView, this product holds around $15 million in assets under management (AUM), a small fraction of the total crypto AUM in Switzerland, which was $5.3 billion as of March 28. Despite facing challenges, including a decline in fund flows over the past year, the European BNB ETP highlights the growing global interest in crypto-backed financial products.

21Shares BNB ETP details. Source: TradingView

What is BNB?

BNB, formerly known as Binance Coin, is the native cryptocurrency of the BNB Chain (formerly Binance Chain). Originally launched by Binance in 2017 as an ERC-20 token on the Ethereum blockchain, BNB was designed to incentivize users to trade on the Binance platform and pay for transaction fees at a discounted rate.

Today, BNB stands as the fifth-largest cryptocurrency by market capitalization, currently valued at approximately $88 billion according to CoinGecko. With the evolution of the BNB Chain into a decentralized blockchain ecosystem for Web3 applications, BNB’s utility has expanded beyond trading fees to supporting a wide range of decentralized finance (DeFi) applications and decentralized apps (dApps).

Altcoin ETF Filings Surge in the U.S. Under the Trump Administration

VanEck’s filing for a BNB ETF is part of a broader trend of altcoin-related ETF filings in the U.S. In the wake of former U.S. President Donald Trump’s inauguration in January 2025, the filing activity for crypto ETFs has surged. In early March, VanEck also filed a similar trust for an ETF based on the price of Avalanche (AVAX), another notable altcoin.

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Furthermore, the interest in crypto ETFs has reached new heights with multiple companies filing for an XRP ETF with the SEC. At least nine firms have submitted standalone filings for an XRP-based ETF as of March 12, 2025.

Five top crypto assets by market capitalization. Source: CoinGecko

The Future of Crypto in Traditional Financial Markets

With companies like VanEck at the forefront of this movement, it is clear that cryptocurrencies are continuing to make inroads into traditional financial markets. A spot BNB ETF, if approved, would offer investors a more accessible route to gain exposure to one of the leading blockchain ecosystems in the market. As blockchain technology evolves, the financial industry’s increasing acceptance of digital assets promises to bring new opportunities for investors and provide greater legitimacy to cryptocurrencies as a long-term asset class.